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Business group or sell worth about $10 billion in overseas assets

Date: 2018-07-20

Three, according to Reuters on July 19, according to people familiar with the business of China insurance group is seeking to sell overseas assets worth about $10 billion to shore up its balance sheet.The sources said, selling may be started within a month.But the business group says, is currently assessing its overseas assets, will not comment on market rumors.It said in an email, assessment is a complex and comprehensive process.There is no specific asset optimization plan, also does not have the exact timetable, said abundant cash flow.

Sources also said that China international capital corp (CICC) and ubs (UBSG. S) be appointed as investment advisers to sale at home and abroad.And they said, the two institutions may contact with other Banks to seek buyers.To this, cicc and ubs declined to comment.

It is known that business portfolio including 2016 overseas $6.5 billion acquisition of the strategy of hotel group (Strategic Hotels & Resorts) property, such as the four seasons hotel in Washington and New York Essex house JW marriott hotel.

Media reports showed that it also has four seasons hotel in Moscow, vancouver Bentall Centre office building and Toronto 70 York St.